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Outcome of CSD Steering Group meeting of 2 February

The CSD Steering Group (CSG) met on 2 February to discuss the new T2S migration plan endorsed during last December’s meeting.

The plan has been slightly revised. The Baltic CSDs (EVK – Estonia, LCD – Latvia and LCVPD – Lithuania) will now migrate settlement activities to the T2S platform in September 2017.

The CSG noted the success of the recent pre-migration rehearsals for Wave 2 and Wave 3 (including the ESES CSDs). These rehearsals have increased the confidence in the ability of the CSDs and the Eurosystem to meet the revised schedule.

The migration plan still remains subject to the ESES migration plan being agreed to by the supervisory authorities in the Netherlands, as well as approval by the ECB Governing Council, now expected by mid-March.

Latest T2S migration plan

When Migrating CSDs
28 March 2016  NBB-SSS and Interbolsa
12 September 2016 ESES CSDs, VP Securities and VP Lux
6 February 2017 Clearstream Banking Frankfurt, CDCP, KDD, KELER, LUX CSD and OeKB CSD
18 September 2017 Euroclear Finland, Iberclear and the Baltic CSDs 

The T2S Board and the CSG continue to monitor the CSDs’ preparations for the new migration plan. Euroclear remains fully committed to the T2S project. We continue to work closely with the European Central Bank, the CSD community and our clients to ensure a stable and smooth migration.

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